Venture Concept No. 2

ENT3003 Venture Concept – Lillian Gilmore

All around the world, people use smart phones every day, at all hours. While phones have been developed over time to have a longer sustaining battery power, many people face the struggle of their smart phones running out of charge before the end of the day. This is why many people must carry their chargers with them so they are able to plug in their devices at all times of the day so they can stay connected via smartphone. With all the transporting and usage of chargers to solve the problem of phones running out of battery, a new problem arises. The phone chargers people use, though they are sleek, can rarely withstand the wear and tear. After a short period of time, they fray and break. Many people are forced to buy phone charger every couple of months because theirs simply do not last. Now, who has this need? Nearly everyone with a smartphone faces the problem of phone chargers that simply do not last. While some people are lucky enough to not encounter this dilemma, many smart phones users are not as lucky. This market of customers with the unmet need spans across the nation, and even across the globe, as it affects people of all backgrounds. Currently, most people facing this problem are using two of the following solutions: trying to make their charger last at all costs, or simply buying a new charger. The second solution, which many people choose, can be quite costly over time, especially when combined with the already present expenses of owning a smart phone. Customers are most likely relatively loyal to their current smart phone supplier, which is why they continue to buy chargers from them. However, this is an opportunity that has the potential to meet the need of a lot of customers from all over. This “window of opportunity” will last until someone else creates the same product, or one similar to it.

            My solution to this problem would be to create and successfully distribute phone chargers that resist the wear and tear of everyday life to deliver a consistent charge to a customer’s smart phone/device. This phone charger will have a slinky like design, which will allow it to resist overextension, bending, and fraying which very often leads to a cord breaking. Its design also allows it to stretch over a long distance of 6 feet, but when it is not fully extended it will condense back down to a smaller size. This slinky like design will also keep the charging cord from tangling too badly, which overall will create an easier, more reliable experience for the customer. It will be available in several colors: black, white, pink, blue, and green. I will be selling this charging cord for somewhere between $8-$12 depending on production and distribution costs.

            This product will solve the problem of chargers breaking over time due to wear and tear. The slinky like design allows the cord to be flexible, yet durable so the cord can bend and stretch to accommodate the customer without overextending and breaking. Its design also allows it to resists tangling, which many people struggle with when they are carrying many cords at once. I believe people will buy this product because it is a one time purchase that will allow people to stop buying multiple chargers throughout their time as a smart phone user. People will switch to this product because it is more durable, more flexible, and it is available in different colors which makes it fun—and takes away from an industrial appearance. I think initially it will be difficult to convince people that my product truly works, but over time, with marketing and customer feedback, I believe that other customers will be more willing to switch, and they will buy my product. Competitors in this market are any company/person that is selling other phone chargers with similar capabilities. While they may be more established than I am, I believe that I have more expendable time to donate to my product and the organization of its distribution, because I am a young adult in college. I think because I am in college, the business location, customer service, and distribution will be easier in the onset because at the start I believe that I will most likely be selling to college kids and people in my surrounding area. I think that my price is appealing to consumers because many college students are on a budget and $8-$12 is a normal price for a charger, especially if you won’t need to buy another in the future. In the start of this business, I would like to run a smaller company to keep costs down, that way I would be employing a few people to help me with production and distribution of the product to customers. If the company grows, then I can reevaluate and hire more people to support the growing needs of the company.

            I believe that because I am in college, my proximity to the market (of college students) and my expendable free time will be my most valuable resources that will allow me to compete with other companies. Once I have a stable footing in this market, I would like to expand my business and offer a new product: a set of headphones that are retractable (to avoid tangling) but that also a good sound quality. Assuming this venture launched, in five years, I would like to run this business with the help of fellow employees. I would like to have this as a side business, that way I can also pursue my career as an accountant, or potentially a corporate lawyer. This venture will allow me to develop my entrepreneurial skills, so that in the future I can pursue other venture and maybe run my own business full time.

Feedback: 

What I learned from people's feedback on my previous venture concept and my post about "What's Next?" is that people liked that I was able to take a product and evolve it into something more useful. They liked that the product would be offered in several colors and that I would be able to market within Gainesville. They look forward to this product idea becoming a real thing.

To fit this feedback, I just have to keep evolving my plan and work on marketing and distribution to get my product out there!